Home Forex News Vantage FX Market Outlook for 9th Nov 2020

Vantage FX Market Outlook for 9th Nov 2020

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#Risk sentiment Risk sentiment continues to rise on Monday amid optimism about the outlook under a Biden presidency. S&P 500 futures were up about 1.5%, building on the strongest week since April for the benchmark. Contracts on the tech-heavy Nasdaq 100 index were also up about 2%, indicating further upside for tech sectors. Market is not seeing this as a contested election, and is more focusing on the developments on Biden’s new policies on Covid-19 and his push towards a bigger amount of stimulus package.

#Gold prices edged higher on Monday, propped up by a weaker USD following Biden’s win, along with increasing hopes from investors for more fiscal stimulus measures. A potentially divided U.S. government with Republicans in control of the Senate may mean a smaller fiscal stimulus package, but that could put the spotlight on the Federal Reserve to do more to revive the economy. Gold tends to benefit from widespread stimulus as it is considered a hedge against inflation.

#CrudeOil #Oil prices defied speculators expectations by climbing higher after weekend news that Joe Biden has won the US elections and is now the new President-Elect. This was surprising as during his campaign he was focused on pushing environmentally friendly policies should he be elected. With the election fever now dying down, traders start shifting their focus to Libyan’s oil production and OPEC+ production cuts. WTI 80 precents after climbing by about 3.8% last week. Whilst Brent rose by 1.9% from the previous session

#EURUSD, H4 is approaching our Pivot point. Potential for a further rise.

Description:

Price is approaching our Pivot point at 1.18751, which is in line with our 161.8% Fibonacci retracement, 127.2% Fibonacci Retracement and horizontal graphical overlap. We could potentially see price rise from this level towards our 1st Resistance at 1.19566. It’s worth noting the Ichimoku cloud and MACD are both showing bullish momentum.

Pivot: 1.18751
Why we like it:
161.8% Fibonacci retracement, 127.2% Fibonacci Retracement and horizontal graphical overlap

1st Support: 1.18215
Why we like it:
78.6%, 127.2% Fibonacci retracement and 100% Fibonacci extension

1st Resistance: 1.19566
Why we like it:
127.2% Fibonacci retracement.

Trading FX & CFDs carries high risk.

#GBPUSD, H4 is bouncing from our Pivot point, potential for a rise.

Description:

Price is bouncing from our Pivot point at 1.31679, which is in line with our 88.6%, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see the price rally towards our 1st resistance level at 1.32807. It’s worth noting that price is currently trending in an ascending channel, also, the Ichimoku cloud and MACD are showing bullish pressure.

Pivot: 1.31679
Why we like it:
88.6%, 100% Fibonacci extension and horizontal graphical overlap

1st Support: 1.30980
Why we like it:
23.8% Fibonacci Retracement, 61.8% Fibonacci extension and Horizontal graphical support.

1st Resistance: 1.32807
Why we like it:
127.2%, 127.2% Fibonacci extension, -27% Fibonacci Retracement and Horizontal graphical resistance

Trading FX & CFDs carries high risk.

#USDJPY, H4 is approaching our Pivot point, potential for a further drop.

Description:

Price is approaching our Pivot point at 103.697 which is in line with our 23.8% Fibonacci Retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 102.584. It is worth noting that the Ichimoku cloud and MACD are showing bearish pressure.

Pivot: 103.697
Why we like it:
23.8% Fibonacci Retracement, 100% Fibonacci extension and horizontal graphical overlap

1st Support: 102.584
Why we like it:
-27% Fibonacci retracement, 161.8% Fibonacci extension

1st Resistance: 104.028
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension Horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

#USDCHF, H4 is approaching our Pivot point, potential for a further drop.

Description:

Price is approaching our Pivot point at 0.89991, which is in line with our 78.6% Fibonacci Retracement and horizontal graphical level. Price could potentially drop towards our 1st support level at 0.89222. It’s worth noting that the Ichimoku cloud and MACD are both showing bearish momentum.

Pivot: 0.89991
Why we like it:
78.6% Fibonacci Retracement and horizontal graphical level

1st Support: 0.89222
Why we like it:
161.8% Fibonacci extension.

1st Resistance: 0.90530
Why we like it:
61.8% Fibonacci extension, 88% Fibonacci retracement and horizontal graphical resistance

Trading FX & CFDs carries high risk.

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